Factors That Affect Bitcoin From Gaining Mainstream Adoption

Cryptocurrencies have been ruling the financial arena ever since the world met its first virtual currency in the form of Bitcoin in 2009. Introduced by Satoshi Nakamoto, Bitcoin entered the space as an efficient, innovative, and advanced application designed to streamline the processes involved in settlement of payments while working as a substitute for the traditional payment systems. The new-age concept received a mixed reaction from the industry as it was for the first time that people were experiencing money in a virtual form. Contrary to the early beliefs, cryptocurrencies soon strengthened their position in the market and evolved as one of the most trusted pedagogies for settlement of transactions worldwide.

What grabbed the attention of the people in the first place was the core technology, blockchain, on which the entire network of Bitcoin was designed. Blockchain is an amazing technology in which transactions are executed, validated, and stored in a distributed ledger network which offers the highest standards of security, transparency, and immutability for the participants. All the computers working on the blockchain are referred to as nodes, and the transactions are entered in multiple blocks that are connected to each other cryptographically. The transactions entered in a blockchain are timestamped to avoid manipulation and alteration.

Bitcoin became a rage in no time as it opened doors for a system that was quick, safe, and economical in comparison to the existing ways and means. Business entities, governments, organizations, and individuals from around the world started investing their hard-earned cash into Bitcoin. The virtual currency earned the trust and support from every corner of the world, with the biggest names of the industrial domains launching potential solutions and products centered around Bitcoin. Today, Bitcoin is widely used as a payment settlement interface in various industries, including finance, education, healthcare, sports,…

Source Link